SINGAPORE: LME copper may test a resistance at $6,304 per tonne in a week, a break above which could lead to a gain to the next resistance at $6,441.
The metal is presumed to be riding on a wave C, the third wave of an irregular flat developing from the Aug. 15, 2018 low of $5,773.
This wave was disrupted by a resistance at $6,304, its 100 percent projection level.
The strong recovery of the price from the Feb. 12 low of $6,085 suggests an extension of this wave.
A rising channel indicates a target around $6,441.
Support is at $6,167, a break below which could cause a loss to $6,089.
A further drop could confirm the completion of the wave C.
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Wang Tao is a Reuters market analyst for commodities and energy technicals.The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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